MUMBAI: Sea TV Network Ltd has filed a draft red herring prospectus with the Securities and Exchange Board of India for an initial public offering of 1,00,00,000 equity shares of Rs 10 each for cash at a price to be decided through book-building.
The issue comprises promoters' contribution of 33,51,000 shares; 500,000 shares reserved for employees; and net offer to the public of 61,49,000 shares, of which 6,14,900 shares being 10 per cent of the net offer to the public to be compulsorily allotted to qualified institutional bidders. The net offer to the public would constitute 36.17 per cent of the fully diluted post issue paid up capital. The project has a participation of Rs 8.95 crore from Allahabad Bank.
The company is considering a pre-IPO placement with certain investors, subject to a minimum 25 per cent of the post-issue paid up capital being offered to the public.
The shares are proposed to be listed on Bombay Stock Exchange and National Stock Exchange.
Sea TV Network is an Agra, Uttar Pradesh based company engaged in providing services of a multi system operator to various local cable TV operators. The company focuses on the cable distribution business and intends to emerge as a MSO with an all India presence, while working in consonance with the broadcasters and the viewers.
Sea TV also has its own free-to-air local channels, programmes of which are produced by its own production team. These include SEA News (24-hour news channel of Agra city), SEA Jinvani (religious channel for the Jain community), SEA TV (local cultural programmes channel) and SEA Bhakti (24-hour religious channel). It already has a network of about 150 franchisees throughout Agra city.
The objects of the issue are to raise financial resources for setting up complete Digital Headend and network for implementation of Conditional Access System; setting up network for complete IPTV solution; setting up of own cable distribution (underground optical fibre) network capable of digital transmission throughout Agra and adjoining areas; setting up own 20 branch-offices in the city including in the adjoining areas with required infrastructure for receiving digital signals and re-transmitting the same without much value addition through co-axial cables to individual customers/subscribers. Sea TV proposes to adopt latest technology; i.e., IPTV for providing TV channels to its viewers.
The book running lead manager to the issue is Chartered Capital and Investment.
The issue comprises promoters' contribution of 33,51,000 shares; 500,000 shares reserved for employees; and net offer to the public of 61,49,000 shares, of which 6,14,900 shares being 10 per cent of the net offer to the public to be compulsorily allotted to qualified institutional bidders. The net offer to the public would constitute 36.17 per cent of the fully diluted post issue paid up capital. The project has a participation of Rs 8.95 crore from Allahabad Bank.
The company is considering a pre-IPO placement with certain investors, subject to a minimum 25 per cent of the post-issue paid up capital being offered to the public.
The shares are proposed to be listed on Bombay Stock Exchange and National Stock Exchange.
Sea TV Network is an Agra, Uttar Pradesh based company engaged in providing services of a multi system operator to various local cable TV operators. The company focuses on the cable distribution business and intends to emerge as a MSO with an all India presence, while working in consonance with the broadcasters and the viewers.
Sea TV also has its own free-to-air local channels, programmes of which are produced by its own production team. These include SEA News (24-hour news channel of Agra city), SEA Jinvani (religious channel for the Jain community), SEA TV (local cultural programmes channel) and SEA Bhakti (24-hour religious channel). It already has a network of about 150 franchisees throughout Agra city.
The objects of the issue are to raise financial resources for setting up complete Digital Headend and network for implementation of Conditional Access System; setting up network for complete IPTV solution; setting up of own cable distribution (underground optical fibre) network capable of digital transmission throughout Agra and adjoining areas; setting up own 20 branch-offices in the city including in the adjoining areas with required infrastructure for receiving digital signals and re-transmitting the same without much value addition through co-axial cables to individual customers/subscribers. Sea TV proposes to adopt latest technology; i.e., IPTV for providing TV channels to its viewers.
The book running lead manager to the issue is Chartered Capital and Investment.
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